Page
THE HONGKONG DAILY PRESS SATURDAY, NOVEMBER 19TH, 1926.
THE DISTILLERS AGENCY, LTD.
LONDON, EDINBURGH. GLASGOW.
THE
"TOP NOTCH"
SCOTCH
"KING
GEORGE IV”
WHISKY
Pint flasks suitable for picnics, etc, now obtainable at $2.20 flask duty paid.
SOLE AGENTS:
GANDE, PRICH & CO., LTD St. George's Building, Ice House Street. Tel. No. Central 135.
“WHY WORRY.".
SEND IT TO THE LAUNDRY, IT IS TO YOUR INTEREST TO HAVE YOUR CLOTHES HYGIENICALLY
DRY CLEANED.
THINK OF THE DIRT YOUR SUMMER WHITES GATHER TWEED "AND WOOLLEN WINTER CLOTHES GATHER TWICE AS MUCH.
The Steam Laundry Co.
HEAD OFFICE & WORKS: Mongkok. Tel. K. 32. HONGKONG DEPOT. 16, Stanley St., Tel. C. 1279. KOWLOON HOTEL DEPOT. PEAK HOTEL DEPOT.
KOWLOON DEPOT: 19, Canton Road, HONGKONG HOTEL (Visitors only),
ASAHI BEER
SPECIALLY BREWED FOR EXPORT
DAI NIPPON BREWERY CO.
LIMITED.
TOKYO JAPAN
SOLE AGENTS-
MITSUI : BUSSAN KAISHA" LTO,
HONGKONG
"Hazeline Snow
Keduced foczimilar
HARDINE SNO
(Trade Mark)
"
Ladies find it the ideal non-greasy toilet preparation. Men use it after shaving because it soothes and cools the skin.
"Hazeline' Rose Frost"
(Traits Mask)
for those who need a touch of colour
Both Lu glaar pots
All Chemists and Stores
BURROUGHS WELLCOME & CO. (THE WELLCOME FOUNDATION LTD, LONDON,' Ess.)
LONDON AND ́SHANGHAI
* 4553
All Rights Reseront
CHINA PROVIDENT AFFAIRS.
Loans.
As to the loans to Mr. Showan and Meurs Shewan, Tomos & Cb.) I must pbias ant that these luana Baré bem pun- hing for years pash and ara thoney-
RESULT OF WORKING CHARAC-leading companywe were glad to have
TERISED AS "DEPLORABLE"
INVESTIGATION COMMITTÉE'Š: REPORT CONSIDERED IN PRIVATE,
CHAIRMAN'S EXPLANATORY
SPEECH.
Press representatives who were to have attended the extraordinary general meat. ing of the China Provident Loan and Mortgage Company, Limited, yesterday morning at St. George's Building were excluded from the Proceedings by resolu-
tion
The extraordinary general meeting was called to receive, consider, and, if thought advisable, to adopt "the report
them, they brought good reinrus to this company in former years and were more than fully secured when the strike com- menced.
The loans to Mr. Tong have just been reported upon by the Investigation Com- mittee, and therefore I do not comment upon them now,
The loans to the Hongkong and Terri- torial Estaten Lady waspars of the conditions when they bought the land from us. It is secured by two mortgages and now stand at 8678,500.
Auditors' Report.
J
that they have not seen satisfactory In the Auditors' Report it is stated voucher for 8112,948 disbursed during the strike. There is a complete set of vouchers for these disbursements, but they are only signed by the late manager and others, who owing to the absence of the usual staff, had to take the vouchers are therefore not satisfactory in money down to the Godowns, and these
of the Committee of Investigation - the opinion of the auditors. The money pointed at the Extraordinary treneral was drawn by the late manager principal feeting of Shareholders of the Companyly to obtain outside labour and assistance held on April 9th, this year
during the strike, and doubtless bad he lived he would have been able to give the auditors full details of this ex- penditure.
A letter was read from the Company's solicitors, which expressed the opinion that the Press had no right to attend such a meeting which was concerned solely with domestic matters.
The
I think I have now given you all the explanations I can of a disastrous state. of affairs, but you must remember that everything has been regarded from the lowest point of view and we have kept as far as we could on the safe side, so that we may fairly hope that any fur- ther change in values may be for the better.
Mr. C. A. Da Roza, Chairman of the Investigation Committee, moved that the proceedings of the meeting be held in private and the resolution was carried, only one shareholder voting against though the majority refrained from vot ing. Some seventy shareholders were present.
I now prpose that the report and ac The General Meeting.
counts as presented, be adopted and pass- twenty-ninth ordinary generaled and when that has been seconded 1 meeting of the Company, held on July will answer any questions from share. 22nd, and adjourned, was resumed at the holders to the best of my ability. close of the extraordinary meeting.
Mr. R. G. Shewan presided and was supported by the following members of the Consulting Committee: Messrs. T. G. Weall. H. P. White, W. J. Hawker (act
! ing for Mr. J. H. Taggart) and Lee Hy San, Mr. W. E. L. Shenton. Company's Solicitor, and Mr. D. L King,, acting Manager and Secretary,
CHAIRMAN'S SPEECH,
The CHAIRMAN said: The report and the accounts for the year ended Dece ber 31st, 1923, have been in your hands for some time, and with your permission we will now take them as read.
The net profit on the year's working shows only a profit of $46,125.37, but after transferring 8900,000 from the Reserves to credit of Profit and Loss and debiting the same account with 92,351,915.66 to cover bad and doubtful debts and loans, depreciation of property and investments and general reserve for contingencies, and deducting the balance at credit "from last year, there is
3 netf deficit "of $2,098,864.56.
Mr. WONG KONG TIN seconded. seconded, it does not preclude share Mr. Choucazn: Because that has been
holders making claims against General Managers 1:
The CHAIRMAN: No
the
An Amandment.. Mr. C. A. DA Roza then moved that the report and accounts be adopted subject
to
the elimination of the Reserves amounting to 89,351.915.68 and that in substitution of such reserves the follow. ing be provided, ie.:-
1-
To write off property. 8 907,285.60 To write off investment... 144,915.30 To transfer to Reserve for bad and doubtful loans... To transfer to General Re-
serve
Mr.
Total
1,067,090.18
GREEN ISLAND CEMENT CO., LTD.
Best Portland Cement.
SHEWAN. TOMES & CO.
GENERAL MANAGERS,
HONGKONG.
Ready at any time of the
A Luxury and
a Necessity
503,820.18
$2,683,111.00
Day or Night.
Showrooms: 16, Des Vœux Road and West Point.
HONGKONG AND CHINA GAS Co., Ltd.
BUY
1000 Yangiza Eng. -100/500 Amusementa
5/6 Vniona 100 Provident's
1000 Underwriters
INVESTMENTS.
Unions 100/300 Electrics
[A.P.2]
SELL
Bef. No.
$3
25
Fel. Na
BES
HIS, BRIG
Wi9, 033
100
Chins Light Comb. -BR35
BR18
100
Docks
MES, BRA
-1000-
Ewo
500
New Cements
Price on application to Tel C. 4630.
- 10, Des Voux Road.
figures were in accordance with those DA ROZA explained that those
given in the Investigation Committee's report,
A Sound Commercial Basis, Result Deplorable. The result is deplorable, but you must can assure shareholders, having gone Mr. J. M. ALVES, seconding, said: I remember that most of those figures are carefully into the Company's assets and estimates only based on the lowest points with my knowledge of market values of of the market in very abnormal times local properties in general, and with our and that the securities themselves have own experiences of making loans with not been realised but remain as Before; out security, I am of opinion that we consequently, a moderate rise in values cannot do anything better than to adopt would put us on a very different footing. this amendment. To us shareholders, the In the Profit and Loss Account you will nominal value of our shares does not mat notice a reserve is made of 86,500 for ter vary much after all. What we want cancellation of an agreement with China to know is how much they are worth HONGKONG SMALL INVESTORS, SHARE & REAL ESTATE CO. Underwriters, Limited. We made ад in the market, our Company's affairs agreemont with this company to under- write the last 185,000 shares of a new issue at 82.50 per share. As the shares then stood at $4 in the market, the under "writing seemed quite safe, but before the issue could be made, the outbreak of the strike altered the whole prospect and compromise was finally negotiated with the China Caderwriters, Limited, by which we were released from all liability for the payment of 50 cents per share rir. 862,300-10d the loss of our commis
With regard to the reservation of 3895,539.92 on property, this amount is based on valuations of each property by Messrs. Palmer & Turner.
on
commer-
a strictly sound and cial basis we would be sooner able to pay the regular dividends again and that is what we are all out for.
The
directors voting against.
amendment was carried, four
Consulting Committes. Mr. . P. BRAGA proposed the rame of Mr. C A. da Roza as Chairman, when the election of the Consulting Committee was considered.
Mr. W. MORLEY proposed the names of Messrs. C. A. da Roza, C. B. Brooke, Van Ufford, T. G. Weall, Sum Pak Ming, and J. H. Taggart.
Mr. Yan Ufford declined to stand, and Mr. T. G. Weall, who was almost in- audible, said that he would not stand.
Sir Robert Ho Tung, and Mr. Tia Ling were nominated, and finally the Consult ing Committer was elected as follows:- Mr. C. A. da Roza, Bir Robert Ho Tung, Mr. C. B. Brooke, Mr. Sum Pak Ming, Mr. J. H. Taggart, and Mr. Tin Ling.
Loss on Lighterage. The loss of '8101,665.27 on lighterage is most disappointing to us, as the late manager assured us there would be a handsome profit at the rates he had fixed. We can only suppose from the result that he did not make allowances for the great loss of time occasioned by the use of amateur tally-clerks and unskilled labour on which he had to depend, all
The CHAIRMAN proposed the re-election our men having left us.
of Messrs. Linstead and Davis za Intereat 8214,885.93, is interest earned, | auditors. He thought that it would be but it has not all been collected?
CWR
Profit on sales of shares, $9,041,52, was
Auditóra Re-Elected.
agreed that they had satisfactorily an- swered the complaints against them.
on sales of China-Underwriters-shares-- Mr. HENRY HUMPHREYE' seconded. *-*
taken over under a previous underwrit ing agreement on which we also received $10,000 commission, as shown in the 1924 accounts,
The Investments.
In the balance sheet investments, 8314,846, consist of: 475 China Under writers, 10,000 Hangkang & Territorial Estates, 24,726 Sandakan Light & Power Co., Ltd.
Mr. C. A. DA Roza proposed an amend- ment, moving that Messrs. Lowe, Bing- ham and Matthews be elected. He ex- plained that his
no sense in a resolution was made in
cavil.
An unknown` seconder, said that dual control was never satisfactory, and they were effecting economy.
the last speaker knew about audits. He Mr. Seta said he did not know what
did not suppose that he had ever anything to do with account auditing. He was not qualified to speak as he had done.
The Sandakan Light Company's shares were underwritten by as fer, a commis sion of 823,726 which has been written off the cost of these shares The late man 20 voting for and 20 against. The Chair- The amendment was put to the meeting. ager had arranged for these shares to be taken over from us by a syndicate of man used his casting vote against the Chinese, but this fell through owing to were then re-elected.
amendment. Messrs. Linstead and Davis the money stringency brought about by The CHAIRMAN then the boycott and we were left with the
proposed the re- shares on our hands. But we are not appointment of Mesers. Lindstend and anxious about these shares, as the Com Davis and Messrs. Percy Smith, Seth pany is now working at a small profit and Fleming and this was carried by and seems to have good prospects 30 votes to 14.
Sundry Creditors, 81,424,799.43, has
This concluded the business of the been reduced to about 2968,000, and Sua-
meeting. dry Debtors from $270,804.35 to about $33,000.
The amount of 80,920.62 against. Capi tal Trust Fund is what was due to the Employees Provident Fund.
Kowloon Inland Lot 1992 was obtained from the Government for the purpose of timber yard, as there was a strong demand for storage space for timber until the end of. Jane when conditions were entirely altered.
OVER MALFI ALCUITURY REPITANON
LIVEK 1 KIDNEYE INVALUARER Toc"] Dustoms of those LodeTANT URBANK, GRAYIN BADLADE, Gous, BauMAZEŃ, DAINELAKO.COLærermookEd,X,WA,Londo
B LE CLERG'S LE FORTHE
DALE CLERC'S ILL DALE CLERG'S AMENIA, Z
VEO, APURIENT
BATH AND BELLA VIN' FIFAT KLICIS AUKEEYA,
HOTEL
PLAZA
Hotel Parisien Eid-Proprietors Lineargarated Under The Companion Özdiňaness, Hongkong) JANA, DA OLE Address: "PLAZA” SHANGHAI. „ 86-38 RUE MONTAUBAN -** SHANGHAI, CHINĂ”...
THE HOTEL PLAZA offers exceptional advantage to the Traveler. Those who enjoy and seek a luxurious, quiet fireproof, and centrally located Hotel, with moderate tariff. will apprecaïto these features.
Featuring nightig, “JACK CARTER'S PLAZA SERENADER8," for Dancing, combined with a Cabaret Entertainmené De Luxe-
100 rooms. Rates:
Single" with bath: “
-200 Mex.-$9,00 zap
Double with bath'
Mex $15.00 up Special Monthly Tariff M. $175.00 up
MANAGEMENT-OF
JACQUER KLASS
FRENCH NATURAL MINERAL WATER
[122
VICHY CELESTINS
-In, bottige, half 'and'' solta
for Gout, Diabetes, Rheumastism, Gravel, Arthritis
VICHY-ETÄT PREPARATIONS VICHY-ETAT SALT Natural sult from the waters VICHY-ETAT TABLETS 2 or 3 after menda
In tins and bottles.
Venzake digestion easy.
to make your OWES
VICHY-ETAT COMPOUNDS digestive serated watsi
Refase subaffintna,“
[97